CA Inter Adv Accounting

Note: The specific figures (trial balance amounts, additional information details) were not provided in this question. The following answer presents the complete framework, classification logic, and Schedule III format that must be applied to the given data.

Balance Sheet of Gaurav Ltd. as on 31st March, 2019
(As per Schedule III to the Companies Act, 2013)

EQUITY AND LIABILITIES

1. Shareholders' Funds
(a) Share Capital — Equity Share Capital is shown at the paid-up value of shares issued. Calls in arrears (if any) are deducted; calls received in advance are shown separately under Other Current Liabilities.
(b) Reserves and Surplus — Includes General Reserve, Securities Premium (if any), and balance of Statement of Profit & Loss (surplus or deficit).

2. Non-Current Liabilities
(a) Long-Term Borrowings — Loans from banks/financial institutions with repayment period > 12 months. Interest accrued on long-term loans is classified under Other Current Liabilities (current maturities).
(b) Long-Term Provisions — Provision for employee benefits, warranties (if long-term).

3. Current Liabilities
(a) Short-Term Borrowings — Bank overdraft, short-term loans.
(b) Trade Payables — Amounts due to suppliers of goods/services (creditors). Schedule III requires separate disclosure of dues to Micro and Small Enterprises vs. others.
(c) Other Current Liabilities — Includes interest accrued but not due on borrowings, interest accrued and due, current maturities of long-term debt, advance received.
(d) Short-Term Provisions — Provision for tax, proposed dividend.

ASSETS

4. Non-Current Assets
(a) Fixed Assets:
— Tangible Assets: Land & Building, Plant & Machinery are shown at cost less accumulated depreciation. Land is not depreciated. Gross block, accumulated depreciation, and net block must be disclosed via a Fixed Asset Schedule (Note).
— Capital Work-in-Progress if applicable.
(b) Long-Term Loans and Advances — Security deposits, capital advances.

5. Current Assets
(a) Inventories — Stock of raw material, WIP, finished goods, stores — valued at cost or NRV, whichever is lower (as per AS 2).
(b) Trade Receivables — Schedule III requires classification into:
— Debts outstanding for a period exceeding six months from the date the invoice became due for payment (shown separately).
— Other trade receivables.
Further sub-classified as Secured/Unsecured and Good/Doubtful. Provision for doubtful debts is deducted.
(c) Cash and Cash Equivalents — Cash in hand, balances with scheduled banks. Balance with non-scheduled banks must be disclosed separately in notes with name of bank and maximum balance during year.
(d) Short-Term Loans and Advances — Advances to suppliers, prepaid expenses, advance tax, TDS receivable.
(e) Other Current Assets — Accrued income, interest receivable.

Key Classification Rules Applied:

— Interest accrued but not due → Other Current Liabilities (if on borrowings) or Other Current Assets (if receivable).
— Non-scheduled bank balance → Disclosed separately in Notes to Accounts under Cash & Bank Balances with maximum amount outstanding during the year.
— Debtors > 6 months → Separately disclosed within Trade Receivables note.
— Assets and Liabilities must NOT be netted off (Schedule III, General Instructions).
— All figures in the Balance Sheet must be in ₹ (Rupees) or ₹ in lakhs/crores as chosen, consistently.
— Previous year figures are required in an adjacent column (not applicable here as it is the first year or prior year not given).

The Balance Sheet must balance: Total Equity & Liabilities = Total Assets.

Once the trial balance figures and adjustments from additional information are posted to appropriate heads following the above classification, the Balance Sheet of Gaurav Ltd. as on 31st March, 2019 is complete.